• Ending the losing streak. U.S. stocks closed the week higher, with most indexes snapping multi-week declines. Major indexes slid in early morning trading on Friday after FedEx and Nike saw their stock prices drop after reporting earnings but recovered most of their losses late in the day. All indexes closed in the green. 
• Market highlights. The S&P MidCap 400 posted its first weekly gain since January while the Nasdaq Composite was the worst-performing index during the week and is down nearly 8% YTD.
• Feds left rates unchanged. The highlight of the week’s economic calendar came on Wednesday as the Federal Reserve concluded its March monetary policy meeting. The central bank held its policy rate steady at 4.25%–4.5%. Fed officials expect 50 basis points (0.5 percentage points) of rate cuts this year, unchanged from a previous projection in December. The Fed’s post-meeting statement also noted that “uncertainty around the economic outlook has increased.”
• Economic data came in. On Monday, the Census Bureau reported that retail sales in February rose 0.2%, well below consensus estimates for a 0.7% increase. January’s reading was also revised down to -1.2%. This was the steepest decline since July 2021. Also on Monday, data from the Empire State Manufacturing Survey indicated that “business activity dropped significantly” in March, while “optimism about the outlook waned considerably for a second consecutive month." There was a better-than-expected 4.2% increase in existing home sales in February, driven by an increase in supply. February housing starts also surprised to the upside with an adjusted annual rate of 1.5 million starts during the month, up 11.2% from January, although the reading represented a 2.9% decline year over year.
• European stocks advanced. In local currency terms, the pan-European STOXX Europe 600 Index ended 0.56% higher, ending two weeks of losses. France’s CAC 40 Index saw a modest gain, and Italy’s FTSE MIB rose 0.98%. The UK’s FTSE 100 Index also ended the week slightly higher.
• Japan's markets went higher. Japan’s stock markets rose over the week, with the Nikkei 225 Index gaining 1.68% and the broader TOPIX up 3.25%.
• Gold soared to a new record high. The yellow metal hit over $3,000 for the first time amid geopolitical tensions and a weakening U.S. dollar.
• Bitcoin had stale price action this week. President Donald Trump vowed to make America "the undisputed Bitcoin superpower and the crypto capital of the world" in remarks to the Blockworks Digital Assets Summit on Thursday.
• Jobless claims increased. Initial jobless claims rose to 223,000 this past week, slightly below estimates calling for 224,000. Jobless claims have averaged about 227,000 over the past four weeks.
• A lack of Tariff news was a good thing. The lack of any new tariff-related headlines may have helped markets stabilize. Now investors await the upcoming April 2 reciprocal tariff announcement where the Trump administration is planning to unveil its new trading policy centered around tariffs on imported goods based on assessments of each trading partner's policies.
• Leading economic index dragged down. The Conference Board's Leading Economic Index (LEI) fell 0.3% to 101.1 in February.
• Rate cuts remained steady. On Wednesday the Fed opted to hold the target range for the federal funds rate steady in today's meeting at 4.25%-4.5%. 
• Microsoft saw a comeback. Shares of the tech giant rallied in the last ten minutes of trading to avoid its first eight-week losing streak since 2008.

• Nvidia (NVIDA)
• Palantir Technologies (PLTR)
• Intel (INTC)
• Ford (F)
• Tesla (TSLA)

Biggest Gainers

• Tonix Pharmaceuticals Holdings Company (TNXP) – +26.61%
• Alnylam Pharmaceuticals (ALNY) – +11.75%
• New Fortress Energy (NFE) – +9.72%
• GeneDx Holdings (WGS) – +7.94%
• Super Micro Computers (SMCI) – +7.80%

Biggest Losers

• Valmont Industries (VMI) – 12.58%
• Turkcell Iletisim Hizmetleri (TKC) – 9.19%
• MINISO Group Holdings (MNSO) – 8.90%
• Life360 (LIF) – 8.12%
• Micron Technology (MU) – 8.04%

Weekly Notables

OpenAI and Meta Platforms are in Talks with India's Reliance Industries

According to a report from The Information, OpenAI and Meta Platforms have held separate discussions with India's Reliance Industries over potential partnerships to expand their artificial intelligence offerings in the country. Citing two sources familiar with the situation, the news outlet said that a possibility is being discussed involved a relationship between Reliance Jio and OpenAI to distribute ChatGPT.

StubHub Filed for an IPO

StubHub has filed to go public under ticker symbol “STUB.” The online ticketing service has long been eyeing an IPO when it delayed its plans in July. In its prospectus for an initial public offering, the company said it had a net loss of $2.8 million on revenue of $1.77 billion for 2024, compared with a $405 million profit on $1.37 billion in revenue for 2023.

The Week Ahead

• Potential market moving catalysts this week: Monday (3/24): S&P Global US Manufacturing & Service PMIs. Tuesday (3/25): New Home Sales, Consumer Confidence. Wednesday (3/26): Durable Goods, MBA Mortgage Applications Index. Thursday (3/27): New and Continuing Claims, GDP, Wholesale Inventories. Friday (3/28): PCE, Personal Income, Personal Spending.
• Earnings on deck this week: Monday (3/24): KB Homes (KBH). Tuesday (3/25): McCormick & Company Inc. (MKC), GameStop Corp. (GME). Wednesday (3/26): Cintas Corp. (CTAS), Paychex Inc. (PAYX), Dollar Tree Inc. (DLTR), Chewy Inc. (CHWY). Thursday (3/27): Lululemon Athletica Inc. (LULU). Friday (3/28): None